Bitcoin Whales Added Nearly 60,000 BTC During 10% Price Fall

As per the report from Santiment, Bitcoin whales have accumulated close to 60,000 BTC amid the recent price correction of 10% over the past few weeks. The report notes:

“As #altcoin madness has ensued, there quietly is a #bullish divergence between #Bitcoin‘s accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur.”

Courtesy: Santiment

On the other hand, the Bitcoin market dominance has also moved closer to 50%. This happens amid the recent crash in the altcoin prices last week following the high-handed SEC action. For the first time since April 2021, Bitcoin’s (BTC) dominance in the market reached 50%.

Bitcoin dominance usually rises above 50% typically suggesting bear market characteristics as investors move money into safe haven large-cap coins. During the bear market of 2018, the BTC dominance had reached above 50%.

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Bitcoin Miners Moving Coins to Exchange

On-chain data also suggests that Bitcoin miners are moving coins on exchanges. Over the past week, Bitcoin miners have been transferring a considerable number of coins to exchanges, reaching a notable inflow of $70.8 million. This stands as the third-largest inflow ever recorded, coming in $30.2 million lower than the highest inflow of $101 million observed during the main bull market in 2021.

Courtesy: Glassnode

However, crypto exchanges like Binance and Coinbase have seen some outflows over the past week. As per data from Nansen, over the last week, there has been a significant outflow of multi-chain assets (excluding Bitcoin) from Binance, amounting to $2.376 billion. Binance US experienced a net outflow of $124 million, while Coinbase saw a net outflow of $1.787 billion, and Coinbase Custody recorded a net outflow of $739 million.

Bitcoin is likely to continue to trade with a support of $25,000 and an upside resistance of $26,100 in the time ahead. Also, the BTC long-term holders continue to hold their supplies and have been indifferent to the recent SEC action.

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